The herd behavior of financial markets is due to take certain others,The impact of investment strategy adopt the same investment strategy,investors have to imitate each other,follow the decision-making,rather than based on their own information.Herd behavior is an abnormal phenomenon in financial markets,It is difficult to establish in the “rational man” assumption based on the traditional financial theory a reasonable explanation.An Empirical Study of Herding Behavior There are two main directions: First,price dispersion as an indicator to study the Price fluctuations in the stock market as a whole,when the existence of herd behavior,or by mutual funds,Pension funds and other investors in a specific type of target,through the analysis of changes in their portfolios and trading information to determine the existence of herd behavior.Institutional investors,as an essential part of modern financial market participants,the traditional view is that institutional investors are more rational investors,their existence to optimize the investment structure of the securities market,improve the efficiency of resource allocation,promote capital market effective operation.But for institutional investors such as the rational mature securities investment fund,Whether there is a herd behavior,how much,Different institutional investors are behaving in the same way,these problems have not been a clear answer.So,this article selects the main three types of institutional investors in the growth enterprise market: securities investment funds,securities companies,insurance companies as the research object.On the basis of analyzing the herd behavior theory of institutional investors,through the establishment of the LSV model for three big institutional investors empirical test,on January 1,2012 to December 31,2016 test sample data.The following conclusions:(1)the securities investment funds and securities firms exist significant herding behavior,and the buyer’s herd behavior in every year is higher than the seller’s herd behavior degree,the overall level of herd behavior is also the buyer’s herd behavior levels higher than the seller’s herd behavior.In the sample range,The overall degree of herd behavior,securities investment funds’ herd behavior degree higher than that of the securities company.(2)In the sample interval,the insurance company does not exist obvious herding behavior in the stock trading.Finally,combining with the research conclusion,put forward some feasibility Suggestions.The innovation of this paper is using the method of LSV model to analysis for different institutional investors’ empirical research,and To compare their herd behavior degree,This paper is different from other scholars only for a certain class of herding behavior of institutional investors or institutional investors of all.Through the study of this paper,it can help investors to understand the severity of the herding effect of different institutional investors,and then have an accurate judgment on the market. |